TORONTO, Oct. 11, 2017 (GLOBE NEWSWIRE) -- Mason Valley Copper Properties Ltd. (“MVCP” or “Mason Valley Copper” or the “Company”) a wholly owned subsidiary of privately owned GRG International Corp., is pleased to announce today the Company has closed its three-year Mining Lease and Option to Purchase Agreement originally entered into with a subsidiary of Allied Nevada Gold Corp. to acquire 100% ownership of an additional 24 patented lode mining claims located in the Yerington Copper District, Nevada. The newly acquired claims brings the total number at the MVCP project to 163 claims, covering over 4.25 square miles in a historical world class copper mining district.
Highlights for Mason Valley Copper Properties Project:
- Additional 24 patented lode mining claims or approximately 400 patented lode mining acres added to Mason Valley Copper Properties Project, central to the Yerington Copper District, Nevada;
- Project covers four historical high-grade underground copper mines with focus on targeting extensions of the known orebodies and new targets along strike and at depth;
- Previous fractured ownership of the mining claims is now consolidated and provides a unique opportunity for modern resource development and potential near-term mining development; and
- Several existing geophysical targets associated with interpreted host stratigraphy representing high priority drill targets.
“The Mason Valley Copper Properties Project is in a low risk, pro-mining district in Nevada that is undergoing a significant mining revival with over 24 billion pounds of copper metal in resources currently at feasibility or mine development stage,” said Rana S. Gill, President and CEO of GRG International Corp., “The goal is now for Mason Valley Copper Project to enter either a consolidation or a joint venture agreement, to advance modern exploration and resource development in a highly prospective area that has previously seen limited activity as a result of fragmented ownership of the mining claims.”
The company’s land consolidation represents mineralized acreage exceeding 2,700 acres including 100% ownership of over 1,500 patented lode mining acres and control over 1,200 unpatented acres. While the majority of the district’s copper inventory is contained in large porphyry style deposits being developed by its publicly traded neighbouring companies, it is the high-grade skarn style systems that represent the priority target for MVCP.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/f10a7304-fb3f-4ff6-902a-20e269a8d0dd
About Mason Valley Copper Properties
Mason Valley Copper Properties Ltd. (MVCP) a wholly owned subsidiary of GRG International Corp., is prospective for high grade skarn copper mineralization with historical mined grades averaging 2% to 6% copper with gold and silver credits. Mason Valley Copper mines produced over 150 million pounds of copper in the early 1900s owned at the time by Colonel William Boyce Thompson, founder of Newmont Mining Corp (NEM). The MVCP Project includes four near surface skarn mining centers with numerous newly recognized targets held within the 4.25 square miles of mining claims in the Yerington mining district, Nevada. The Mason Valley Copper Project lies central to the Yerington Copper District, contiguous to publicly traded companies Quaterra Resources Inc. (QTA.V) (QTRRF) and Mason Resources Corp. (MNR.TO) whilst a short distance west of Nevada Copper Corp. (NCU.TO), all with large deposits in various feasibility stages or in development. The Project also resides less than 5,000’ south of Anaconda’s Yerington Mine which produced over 1.7 billion pounds of copper up and until the 1970s. The four historical mining centers on MVCP patented lode mining claims closed prematurely with the onset of the ‘Great Depression’ and never reopened, mainly due to fractured ownership.
For further information:
Rana S. Gill
President and CEO
GRG International Corp.
(303) 886-8584
rgill@grgcopper.com
www.grgcopper.com
- Or -
Joanna Longo
Terre Partners
(416) 238-1414 ext. 233
jlongo@terrepartners.com